By Terry Barrett, CPA, Tax Senior Manager
Tax Filing Reminders and COVID-19 Related Tax Deadline Extensions
Virginia tax deadline information updated April 12, 2021
In 2020, the IRS and the Virginia Department of Taxation extended numerous tax deadlines to help businesses and individuals that had been impacted by the pandemic. This year, COVID-19 tax extension assistance is limited to individual taxpayers. Below is a summary of tax deadlines for businesses and individuals for the 2021 filing season.
Business
Estimated Quarterly Tax Payments for Businesses
If your business pays taxes on a quarterly basis, the first 2021 estimated quarterly tax payment is April 15, 2021.
C Corporation Tax Returns
The deadline to file calendar year C corporation tax returns (Form 1120) is April 15, 2021. This is also the deadline to file for an extension to file your corporate tax return.
Not-for-Profit and Exempt Organization Returns
501(c)(3) organizations need to file Form 990 by May 15, 2021, (for calendar year organizations). Extensions can be filed using Form 8868 . See the IRS website for more information regarding not-for-profit tax filing.
Individual
Trust, Estate and Gift Tax
The deadline to file trust, estate and gift tax returns is April 15, 2021.
2021 Federal Tax Deadline Extended for Individual Taxpayers
The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year is extended from April 15, 2021, to May 17, 2021.
Individual taxpayers can also postpone federal income tax payments due for the 2020 tax to May 17, 2021, without penalties and interest, regardless of the amount owed.
If you are a sole proprietor filing Schedule C on your personal tax returns, the May 17, 2021, deadline applies to you as well.
2021 Virginia Tax Deadline Extended for Individual Taxpayers
Governor Northam announced Virginia will align its individual filing and payment deadline with the federal government. The individual income tax filing and payment deadline in Virginia is extended to Monday, May 17, 2021.
According to Tax Bulletin 21-5, the Virginia Department of Taxation will waive interest and penalties on individual income tax payments due for Taxable Year 2020 that are made in full by the extended due date of May 17, 2021. Note, however, that first quarter estimated payments for Taxable Year 2021 remain due by May 3, 2021.
2021 Individual Tax Deadlines in Other States
If you file 1040 tax returns in other states, please refer to your applicable state tax agency for deadlines and guidance.
Questions on tax filings for you and your business? We can help. Contact your Keiter representative or Email | 804.747.0000.
Additional Resources
- Visit the IRS website for more detailed information about federal tax filing and extensions.
- Access Governor Ralph Northam’s full press release for more details on the Virginia tax filing extension.
About the Author
Terry Barrett, CPA, Tax Senior Manager
Terry Barrett specializes in state and local tax concerns for her clients. She has over 30 years of experience working in the public and private accounting sector. She is a graduate of Virginia Commonwealth University.
More Insights from Terry BarrettThe information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.
